EIA changes oil production outlook in Azerbaijan for 2022

The average daily oil production in Azerbaijan is projected at 740,000 barrels in 2022, according to the December issue of the US Department of Energy’s Energy Information Administration (EIA) Short-Term Energy Outlook, Report informs.

The forecast for oil production for next year is 10,000 barrels or 1.33% less than the previous forecast.

In the first quarter of 2022, Azerbaijan’s average daily oil production is expected to reach 750,000 barrels. This is the same forecast as in November. This forecast is the same as that for the daily oil production in the first quarter of 2021.

In the second quarter of 2022, Azerbaijan’s daily oil production is expected to be 750,000 barrels, which is the same as the forecast in the EIA’s November report, and 50,000 barrels or 7.14% more than the daily oil production in the second quarter of 2021.

The agency believes that the forecast for average daily oil production in Azerbaijan in the third quarter of 2022 will be 740,000 barrels, 10,000 barrels or 1.33% less than the previous forecast. This forecast is 30,000 barrels or 4.22% more than the daily oil production in the third quarter of 2021.

In the last quarter of 2022, the forecast for average daily oil production in Azerbaijan will be 740,000 barrels, the same as the forecast released by the agency in November, and 20,000 barrels or 2.78% more than the forecast for daily oil production in the fourth quarter of 2021.